Plan sponsors can get 2023 off to a great start by marking their calendars with important dates for action in accordance with ERISA regulations. Retirement plan experts provide an overview of key dates for the year—and a running start toward the deadlines coming up early in 2023.
Make Your List and Check It Twice
The turning of the year brings a bunch of dates and actions that retirement plan sponsors need to focus on. Helpfully, Plan Sponsor points out these January 2023 due dates:
17 // Deadline for final minimum funding quarterly installment payment for defined benefit plans that had a funding shortfall in 2021 —i.e., due 15 days after the last plan-year quarter-end. (Due January 15, which falls on a weekend in 2023. The IRS provides that dates that fall on a Saturday, Sunday or holiday are delayed until the next business day.)
30 // Deadline to provide participants and beneficiaries of a defined benefit plan (DB) with the notice of benefit restrictions if the DB plan is less than 60% funded. Note: Due January 30, or 30 days after the measurement date at which the plan has become subject to a benefit restriction.
31 // Many recordkeepers require participant data for average deferral percentage (ADP)/average contribution percentage (ACP), top-heavy and 402(g) compliance testing to be returned by this date.
31 // Deadline for sending Form 1099-R to participants who received distributions from a qualified retirement plan during the previous year.
Because it is always best for plan sponsors to “see around the corner,” go ahead and make note of February deadlines too, including these:
14 // Deadline for participant-directed defined contribution (DC) plans to provide participants with the quarterly benefit/disclosure statement and statement of plan fees and expenses actually charged to individual plan accounts during last quarter of 2022. Note: Due 45 days after the end of the quarter.
28 // Deadline for filing Form 1099-R with the IRS if not filed electronically, to report distributions made in the previous year.
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